S&P 500 Hits New Highs with Weak Breadth, Raising Concern Among Analysts
The S&P 500 reached a new high above 7,400 driven by artificial intelligence and memory stocks like Micron Technology. However, technical analysts are concerned due to weak breadth in the market; only 52% of its components were above their 50-day moving averages despite the index being up over 7%. This is one of three rare instances since 1990 where more new lows than highs occurred when hitting a record high.
Tickers: $MU
Topics: AI stocks memory stocks S&P 500 performance stock breadth